The Wall Street Journal is reporting that people familiar with the matter are saying Apple (NASDAQ: AAPL) is planning multiple version of its smartwatch, which is expected to be launched this fall.

According to The Wall Street Journal, the smartwatches will contain as many as 10 sensors including one to track health and fitness and is speculated to be connected with the company's new app Health, which was revealed earlier this year.

People familiar with the matter are expecting the smartwatches to have a variety of screen sizes and have said the device could launch as early as October, with shipments estimated to be between 10 and 15 million units by the end of the year.

In the report, WSJ cited research from IDC forecasting the wearable device markets sales to reach 111.9 million by 2018 which is over five times more than this year's estimates of 19 million.

The launch of the new Apple device represents the company's attempt stay on top as an industry leader in innovation and remain competitive with rivals, such as Google, that are pursuing their own wearable device.